El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

[DdmrDdmr]

@Bukele’s tweet about some of the Central Bank and financial authorities meeting in El Salvador may have misled us as to the purpose of the meeting per se: According to the information in the below GT links, the Central Bank of Paraguay has issued a statement to reflect that the focus of the meeting is not cryptocurrency, nor are they themselves interested in the matter.  The meeting is really the 18th meeting of the Alliance for Financial Inclusion, delayed since 2020 (I figure due to the Corona virus outbreak).

If this is so, it seems that we’ve been oversold the meeting, and although some part are surely going to verse on crypto, as this post suggest, it may not be the core objective after all …

See (Google Translated links):
https://www-eleconomista-net.translate.goog/cripto/Banco-Central-de-Paraguay-desmiente-que-foro-en-El-Salvador-sea-sobre-bitcoin-20220518-0019.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

https://www-bcp-gov-py.translate.goog/comunicado-sobre-participacion-del-bcp-en-foro-internacional-n1716?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

[1714151095]

1714151095

[1714151095]

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[Wiwo]

@Bukele’s tweet about some of the Central Bank and financial authorities meeting in El Salvador may have misled us as to the purpose of the meeting per se: According to the information in the below GT links, the Central Bank of Paraguay has issued a statement to reflect that the focus of the meeting is not a cryptocurrency, nor are they interested in the matter.  

Well this statement is born out of the stance of Paraguay 🇵🇾 on cryptocurrency, and as a matter of fact, the central bank official is just being diplomatic, yeah the meeting is to discuss financial inclusion which indirectly covers Bitcoin in El Salvador since bitcoin is already made legal currency in El Salvador 🇸🇻 the tweet may have oversold the Bitcoin aspect but then since President Bukele is the host he may as well make use of whatever term he wants so long as it within his legal right.

[DdmrDdmr]

<...> President Bukele is the host he may as well make use of whatever term he wants so long as it within his legal right.

I don't fully agree with this. The workgroups have objectives and an agenda. Hosting is not necessarily laying out the agenda on their own, although I personally have just come in contact with the AFI, and can't attest as to how they organize themselves.


I’d like to get hold of their complete agenda (which may not be public), which would be a way to discern just how much of these events pivot on BTC/crypto, and how much deals with other common ongoing issues.

The closest I’ve come so far is this:

Digital Financial Services & SME Finance Working Group Meetings

After a two-year hiatus, we are excited to resume our physical meetings. The Banco Central de Reserva de El Salvador (BCR) and AFI are honored to host the 25th Digital Financial Services Working Group (DFSWG) and 18th SME Finance Working Group (SMEFWG) Meetings in San Salvador, El Salvador, land covered with lush tropical forest and amazing lakes.

This will enable members to deepen policy conversations through the use of high-quality content, build member capacity, and identify synergies on topical issues between working groups. The working groups are anticipated to offer practical thought leadership and regulatory guidance on crucial and unsolved policy issues in the form of policy models, frameworks, and toolkits as a result of this collaboration and constitute the content backbone of AFI. The meetings also align with El Salvador’s recently launched national financial inclusion strategy(*) which has digitization and access to finance to small businesses as a priority.

https://www.afi-global.org/events/digital-financial-services-sme-finance-working-group-meeting/

(*) I’d say it’s what is described here (March 2021 info), related to:

The policy, which was approved by El Salvador President Nayib Bukele, provides a starting point to overcome various financial inclusion challenges and narrow the gaps in access, particularly among its three target groups: low-income individuals, women and micro, small and medium enterprises (MSMEs).

https://www.afi-global.org/newsroom/news/el-salvador-unveils-landmark-national-financial-inclusion-policy/


Here's more from another page on the AFI site:

The week of events is an opportunity to hold technical deliberations on promoting digital ecosystem and financial innovations and providing greater support for micro, small, and medium-sized enterprises (MSMEs), women and individuals with lower incomes, including regulatory frameworks for consumer protection. Co-hosted by the Banco Central de Reserva de El Salvador (BCR) and AFI, this was the first time that the two working groups meet in person following two years of virtual gatherings.

AFI member since 2012, BCR shared its financial inclusion journey and its recent experience as the mover of the private digital currency. AFI members raised questions on anti-money laundering and combating the financing of terrorism (AML/CFT), consumer protection, investor protection and the introduction of such sophisticated products to underserved populations with limited financial and digital literacy. Given early stage of adoption, AFI members clarified that this was specifically relevant to the context of El Salvador and less relevant to the network.
<…>
Members are also exploring design, policy recommendations and key use cases for retail central bank digital currencies (CBDC) to accelerate and support financial inclusion, as well as learning from country experiences and policy approaches to regulation, supervision, and the role for RegTech/SupTech to balance risks, innovation, and inclusion. Finally, the DFSWG will provide technical inputs, feedback, suggestions, and recommendation to the BCR’s draft FinTech Strategy.

It goes on, and seems to diversify to debate other non-BTC related matters.

https://www.afi-global.org/newsroom/news/digital-ecosystems-sme-finance-for-greater-financial-inclusion/

The above suggest that bitcoin was on the agenda ("private" digital currency seems like a bad choice of words), but as far as I can read into it, not the pivoting centrepiece.

[Wind_FURY]

@Bukele’s tweet about some of the Central Bank and financial authorities meeting in El Salvador may have misled us as to the purpose of the meeting per se: According to the information in the below GT links, the Central Bank of Paraguay has issued a statement to reflect that the focus of the meeting is not cryptocurrency, nor are they themselves interested in the matter.  The meeting is really the 18th meeting of the Alliance for Financial Inclusion, delayed since 2020 (I figure due to the Corona virus outbreak).

If this is so, it seems that we’ve been oversold the meeting, and although some part are surely going to verse on crypto, as this post suggest, it may not be the core objective after all …

See (Google Translated links):
https://www-eleconomista-net.translate.goog/cripto/Banco-Central-de-Paraguay-desmiente-que-foro-en-El-Salvador-sea-sobre-bitcoin-20220518-0019.html?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

https://www-bcp-gov-py.translate.goog/comunicado-sobre-participacion-del-bcp-en-foro-internacional-n1716?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=es&_x_tr_pto=wapp

Central bankers and financial regulators from 44 countries enjoying their second day of talks about financial inclusion, banking the unbanked, and #Bitcoin adoption in
@Bitcoinbeach
 and in El Salvador 🇸🇻

https://twitter.com/nayibbukele/status/1526756578174582785?s=12&t=E6h-faB-GCCk4ggy6wJjGw

I believe President Bukele never claimed their summit among South American central bankers to be all, and just about Bitcoin. Bitcoin is merely part of it. Read the Twitter post, it said "talks about financial inclusion, banking the unbanked, AND Bitcoin". It's not a "Bitcoin conference", but Bitcoin is obviously one the main topics to be discussed.

[Vaskiy]

In the conference, bitcoin is one among the major topic of discussion. Anyhow there is nothing much happened out of the meeting in the Bitcoin Beach. Following El Salvador there were few countries on the path of bitcoin adoption. One amongst is Panama where everything is done and waiting for the president's approval. The president have taken a stand that bitcoin adoption happens along with AML policy tied to it. Maybe this can take few months for the development. Little by little something happens positive and Countries will stand out for adoption.

[Hamphser]

In the conference, bitcoin is one among the major topic of discussion. Anyhow there is nothing much happened out of the meeting in the Bitcoin Beach. Following El Salvador there were few countries on the path of bitcoin adoption. One amongst is Panama where everything is done and waiting for the president's approval. The president have taken a stand that bitcoin adoption happens along with AML policy tied to it. Maybe this can take few months for the development. Little by little something happens positive and Countries will stand out for adoption.

People should wait before making out some conclusions on what El Salvador had done which it isnt right on making out direct assumptions on a short span of time.They are fully aware on what things
attached with Bitcoin specially into its volatility.

If you are looking with the current condition  then lots would really be saying that the decision made was wrong because it do really mainly affecting
their economic status specially on a bear market but we know on how recovery works or possibility.

[_act_]

I believe President Bukele never claimed their summit among South American central bankers to be all, and just about Bitcoin. Bitcoin is merely part of it. Read the Twitter post, it said "talks about financial inclusion, banking the unbanked, AND Bitcoin". It's not a "Bitcoin conference", but Bitcoin is obviously one the main topics to be discussed.

That is true, it is not only about bitcoin, it is about financial inclusion, digital economy, banking the unbanked the bitcoin rollout and its benefits in their country. But according to what was posted above, some central banks do not know that bitcoin was even part of summit, while some do not care, while some like it and saw it amazing. All I know is that bitcoin can not be accepted by all central banks in just one day, and if some do not accept it, that does not mean bitcoin adoption will not continue. What surprised me most is that China that its mining operation and hashrate went to zero during last Chinese government crackdown on cryptocurrencies are producing the second largest hashrate now if the news I read it from is saying the truth though.

Following El Salvador there were few countries on the path of bitcoin adoption. One amongst is Panama where everything is done and waiting for the president's approval. The president have taken a stand that bitcoin adoption happens along with AML policy tied to it. Maybe this can take few months for the development. Little by little something happens positive and Countries will stand out for adoption.

That is true, it remains Laurentino Cortizo which is the present Panamanian president to sign the bill, Panamanian legislature has passed it to the president to sign. The president support some aspect of the bill but saying illicit use of cryptocurrencies should be addressed. I thought the legislature should have done that. Only little time remains, Panama president would most likely soon sign the crypto bill into law.

People should wait before making out some conclusions on what El Salvador had done which it isnt right on making out direct assumptions on a short span of time.They are fully aware on what things
attached with Bitcoin specially into its volatility.

You can read this:
   
Re: El Salvador has become the first country to make #Bitcoin legal tender!

Also in the research, 71% of bitcoin sales are mostly converted to dollar, 17% stored as dollar on Chivo wallet while 10% stored as bitcoin.

Citizens are not also force to accept bitcoin for payment while many of them accepts it and convert it to USD.

If you are looking with the current condition  then lots would really be saying that the decision made was wrong because it do really mainly affecting
their economic status specially on a bear market but we know on how recovery works or possibility.

Probably you haven't been posting here or reading what people have been posting here as you just brought back what as been talked about here, you can try and go back some pages like on the beginning to read than bring up what ha been posted here before. I can not go back much but will just tell you that before El Salvador adopted bitcoin as a legal tender in their country, El Salvador has been in foreign dept and fiat was never also still the savior for them.

[Wind_FURY]

I believe President Bukele never claimed their summit among South American central bankers to be all, and just about Bitcoin. Bitcoin is merely part of it. Read the Twitter post, it said "talks about financial inclusion, banking the unbanked, AND Bitcoin". It's not a "Bitcoin conference", but Bitcoin is obviously one the main topics to be discussed.

That is true, it is not only about bitcoin, it is about financial inclusion, digital economy, banking the unbanked the bitcoin rollout and its benefits in their country. But according to what was posted above, some central banks do not know that bitcoin was even part of summit, while some do not care, while some like it and saw it amazing. All I know is that bitcoin can not be accepted by all central banks in just one day, and if some do not accept it, that does not mean bitcoin adoption will not continue. What surprised me most is that China that its mining operation and hashrate went to zero during last Chinese government crackdown on cryptocurrencies are producing the second largest hashrate now if the news I read it from is saying the truth though.

If they didn't know, now they know. Hahaha.

They should consider themselves very lucky, and they should take the summit as a golden opportunity to know more about Bitcoin and how/where to buy them. Their governments, who need to weaken political strongholds, are those that need it the most. I hope they truly understand what Bitcoin is, and what it will be for them. This isn't another payment system for consumers. It is something much more.

[Z-tight]

Only little time remains, Panama president would most likely soon sign the crypto bill into law.

If it is passed successfully, then if i am not mistaken they will become the third country to make Bitcoin a legal tender, El Salvador can be said to be the country that kicked the ball rolling for multiple Bitcoin adoptions from different other countries, it is just a few as of now in 2022, but in the future when many countries will adopt bitcoin too, El Salvador would be remembered as the first, so no matter how people try to say it is a failed move, one thing is certain and it is that El Salvador have cemented their place in bitcoin's history forever.

[Zlantann]

That is true, it remains Laurentino Cortizo which is the present Panamanian president to sign the bill, Panamanian legislature has passed it to the president to sign. The president support some aspect of the bill but saying illicit use of cryptocurrencies should be addressed. I thought the legislature should have done that. Only little time remains, Panama president would most likely soon sign the crypto bill into law.

Although the Panama cryptocurrency bill that was approved by the country's legislature in April doesn't allow Bitcoin to become a legal tender, but it promotes the free use of crypto as a means of payment for all kinds of transaction. It also allows digital asset companies to establish operations in the country and treats crypto assets as foreign-source income without taxes on capital gains.
The President of Panama Laurentino Cortizo called the bill a good law, but he stated that he would not give his signature. His refusal to sign the law is born out of fear that Financial Action Task Force's (FATF) a so-called global money laundering and terrorist financing watchdog founded by Group of Seven (G-7) nations wouldn’t remove Panama from its grey list (FATF closely monitors country in their grey list). FATF might be doing a good job but it is possible that most nations are not recognizing or accepting Bitcoin because their hands are tied by anti-bitcoin forces using diverse international treaties and organizations.

[Mr.sprin]

The country of elsalvador bravely took the conclusion of legalizing bitcoin in their country where other countries banned bitcoin such as the big country of china forbidding bitcoin, but now the country of elsalvador will record the history of the country that was the first to legalize bitcoin I saw the news there are 30 other countries who want to discuss with the country of elsalvador maybe In the future, many countries will follow Elsalvador's footsteps.

[Wiwo]

The country of elsalvador bravely took the conclusion of legalizing bitcoin in their country where other countries banned bitcoin such as the big country of china forbidding bitcoin, but now the country of elsalvador will record the history of the country that was the first to legalize bitcoin I saw the news there are 30 other countries who want to discuss with the country of elsalvador maybe In the future, many countries will follow Elsalvador's footsteps.

Can you share a link to the news, I will love to see the countries already in discussions with El Salvador on Bitcoin. Although there was a conference of heads of countries' central banks in El Salvador recently we are still waiting for the outcome of the meeting to know exactly what the discussion was if it includes Bitcoin since the president of El Salvador 🐦 tweeted about it. El Salvador has set the prospect for other countries and if El Salvador persists in its development especially the Bitcoin city project in the next couple of years from now the revenue generation of El Salvador will increase and the debt rate will decrease automatically.

[JayJuanGee]

On May 18, in the WO thread, I had responded to Out of Memory's post in which he had provided about a 36-minute video documentary that Peter McCormick had just released on the topic of "what's happening in El Salvador" in connection with El Salvador's implementation of the September 7 bitcoin law.   That video documentary had less than a 5 minute clip of McCormick's interview with Bukele.. and really, the video does not really do justice to the whole situation - including McCormick's interview with Bukele.... From my point of view, that video synopsis of the McCormick's interview with Bukele kind of makes both of them look bad. You can see my two responsive posts and the video link here.

In the past day or so, in McCormick's "What Bitcoin Did" podcast, he released a more full context of his second interview with Bukele, and it is my belief that the fuller context interview makes both of them look better, and Bukele comes off as a much more likable, thoughtful and even genuine person.. to the extent that politicians are capable of being genuine.. hahahahaha..  You can see that interview here.

[franky1]

the 'meetup' of many countries is not about creating crypto law or/to adopt bitcoin in multiple countries.
its about alot of different financial matters including how to help each country give each other 'loans' outside the IMF rules.

yep many countries happily want to give el salv money outside of the IMF restrictions. its good business.

however parts of the meetup is where the other countries reps' are given a wallet and shown how el salv is using chivo in practice. this is more of a demonstration and introduction that may lead to nothing. but atleast lets other countries see what el salv is doing.

[_act_]

Although the Panama cryptocurrency bill that was approved by the country's legislature in April doesn't allow Bitcoin to become a legal tender, but it promotes the free use of crypto as a means of payment for all kinds of transaction.

This is what that matters, to legally support the use of bitcoin in countries. What is most important is the aim of bitcoin usage achieved this way that the world is going more in support of bitcoin. All needed is adoption.

The country of elsalvador bravely took the conclusion of legalizing bitcoin in their country where other countries banned bitcoin such as the big country of china forbidding bitcoin, but now the country of elsalvador will record the history of the country that was the first to legalize bitcoin I saw the news there are 30 other countries who want to discuss with the country of elsalvador maybe In the future, many countries will follow Elsalvador's footsteps.

Can you share a link to the news, I will love to see the countries already in discussions with El Salvador on Bitcoin.

It is the what we have discussed in just last page on this thread: https://bitcointalk.org/index.php?topic=5342087.msg60144214#msg60144214

[_act_]

Is bitcoin adoption in El Salvador a failure? See what El Salvador's Deputy Dania Gonzalez said about bitcoin adoption in her country


Falling Bitcoin price doesn't affect El Salvador: 'Now it's time to buy more,' reveals Deputy Dania Gonzalez


Dania Gonzalez, Deputy of the Republic of El Salvador reveals how bitcoin adoption has been helping her country. She talked about how bitcoin is an investment asset, she also talked about the reason to buy more bitcoin when the price has gone down. Also she talked about the socioeconomic impact of bitcoin that was made a legal tender in her country.

Between her agendas, Gonzalez spoke with Cointelegraph and revealed how Bitcoin has helped to change people's lives in El Salvador and how the federal government, led by President Nayib Bukele, has been taking advantage of the resources invested in BTC to improve the economy.

Part of what she said:

"What Nayib Bukele did was buy Bitcoins and make a profit at a certain strategic moment,” she said. “In cryptocurrencies, there are times when you can make a profit and there are times when you have to invest more. Now cryptocurrency is down, this happens, it's normal, but at this point instead of being sad, instead of thinking that you lost all your investment, it's time to buy more Bitcoins because now the price is cheap, that's the strategy.”

Bukele built a veterinary hospital to benefit the population where services, any service for your pet, costs US$0.25. Even an operation costs this amount and that is accessible to the entire population. Bitcoin has been converted into a benefit for the people. Now with the reserve we have in Bitcoin, we must build 20 more schools. Before Bitcoin, to do this we had to approve projects, include it in the nation's general budget and use people's money to construction. Now these works are done thanks to all the profits made with Bitcoin.”

Gonzalez indicated that Bukele’s strategy has already proven to be successful in terms of socioeconomic impact according to Cointelegraph.

[romero121]

Gonzalez indicated that Bukele’s strategy has already proven to be successful in terms of socioeconomic impact according to Cointelegraph.

Everytime the adoption of bitcoin by El Salvador is seen in a way that it creates economic downturn to the nation. With the recent briefing people could've understood what really happening with bitcoin. Though the El Salvador government continue to buy bitcoin, they've made contributions to the society out of the profit from the people's money invested on bitcoin. For a grown country this looks simple, but for a nation that is getting built it is a big thing. Finally Gonzalez mentioned about CBDCs need to coexist with bitcoin and countries into development of their own CBDC is the beginning of their entry into digital economy.

[romero121]

Following the adoption from El Salvador more countries showed interest on cryptocurrency adoption. The recent one one the list is Paraguay. Latin American countries are taking it more seriously and strive hard to be the centre for financial technology.

Paraguay have got the lowest electricity consumption charge among the Latin American countries. This makes Paraguay as the mining haven for cryptocurrencies. The Chamber of Deputies Paraguay made plans to regulate cryptocurrencies.

Paraguay Approves Crypto Regulation Bill

[Doan9269]

they've made contributions to the society out of the profit from the people's money invested on bitcoin

am not clear about what you meant by the statement "out of the profit from the people's money, to me this is a kind of statement that could be termed as extortion which is wrong, why use people's money in the context from the first place, i think it would have been best said that El-Savador contributions to the society is on the basis of the revenues generated, if you make use of your money to buy a product, would you later refer the money in the hand of the seller as your money again after you've bought the product and left? while the funds in disposition of El-Savador could as well be referred to as government funds, which could have been from different sources such as IGR and the likes.

Following the adoption from El Salvador more countries showed interest on cryptocurrency adoption. The recent one one the list is Paraguay

it's been quite a while now I've been hearing news about bitcoin adoption in Paraguay to be making dome positve moves, the government have been interested in making bitcoin a legal tender but i still don't get the clear idea on what keeps delaying this adoption in Paraguay, probably they are still making some plans in place for the suitability of the adoption as I'd thought anyway.

[romero121]

they've made contributions to the society out of the profit from the people's money invested on bitcoin

am not clear about what you meant by the statement "out of the profit from the people's money, to me this is a kind of statement that could be termed as extortion which is wrong, why use people's money in the context from the first place, i think it would have been best said that El-Savador contributions to the society is on the basis of the revenues generated, if you make use of your money to buy a product, would you later refer the money in the hand of the seller as your money again after you've bought the product and left? while the funds in disposition of El-Savador could as well be referred to as government funds, which could have been from different sources such as IGR and the likes.

Taxation is levied over each and everything and this is done just to fund essential services. It can be infrastructure development, industrial development, creating job opportunities attracting investments, etc. Where does this tax money comes from, common man to the elite, industrialists, entrepreneurs, etc. In the past taxation money were used to making the lower class of people grow. If the government doesn't have tax money, what'll be its source of money. Just on that contrast I've mentioned it as People's money. I might be wrong, but on this basis I've mentioned it People's money.